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Over the summer, various companies announced job cuts.
The planned job cuts are expected to have a collective impact on thousands of people working in industries including technology, media and automotive.
Companies that have announced plans to cut staff this summer include:
Cisco
Cisco Systems headquarters in San Jose, California, USA, Monday, August 14, 2023. Cisco Systems is scheduled to report earnings on August 16. Photographer: David Paul Morris/Bloomberg via Getty Images (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Cisco is embarking on a restructuring effort to “invest in key growth opportunities and drive operational efficiencies,” which includes laying off 7% of its workforce, according to a Securities and Exchange Commission filing.
The company revealed the plans on the same day as it reports first-quarter earnings, after reports ahead of the release suggested job cuts might be announced.
The company’s employees had already been laid off once, in February of this year.
Intel
Intel’s job cuts, announced on August 1, will result in about 15,000 employees losing their jobs.
These come as the company makes “comprehensive spending cuts” to “rescale and refocus,” as it seeks to cut $10 billion in costs by 2025 through its overall cost-reduction plan.
Intel’s massive job cuts come after it plans to receive $8.5 billion in taxpayer funding
“Our costs are too high and our margins are too low,” Chief Executive Officer Pat Gelsinger said. “Around both, bolder action is needed, especially given our weaker than previously anticipated second-half 2024 performance and outlook.”
Paramount Global
EDMONTON, CANADA – APRIL 28: A woman holds a mobile phone in front of the Paramount logo on a computer screen on April 29, 2024 in Edmonton, Canada. (Photo by Artur Widak/NurPhoto via Getty Images) (Artur Widak/NurPhoto via Getty Images/Getty Images)
Paramount Global announced plans over the weekend to cut 15% of its U.S.-based workforce, but began cutting some of the workforce on Tuesday.
Co-CEO Chris McCarthy said on the media company’s earnings call last week that the job cuts will be “focused in two primary areas: first, redundancy functions in marketing and communications; and second, streamlining our corporate structure and reducing headcount in finance, legal, technology and other support organizations.”
He and co-CEOs Brian Robbins and George Cheeks told employees in a memo leaked to Deadline and other entertainment media that the process “will be conducted in three phases and will continue through the end of the year,” and is reportedly expected to be largely complete by October.
Paramount begins laying off 15% of workforce, hundreds of cuts expected
Paramount Global is linking the planned job cuts to a “strategic plan” that includes streamlining its organization and other initiatives.
Stellantis
Ukraine – 12/03/2021: In this photo illustration, the logo of multinational automobile manufacturing company Stellantis NV is displayed on a smartphone and in the background. (Photo illustration: Pablo Gonchar/SOPA Images/LightRocket) (Pablo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)
Stellantis plans to stop production of the Ram 1500 Classic pickup truck at its Warren Truck Plant later this year, a move that will result in indefinite job cuts, Reuters reported last weekend.
“With the introduction of the new Ram 1500, production of the Ram 1500 Classic will cease at the Warren (Mich.) Truck Assembly Plant later this year,” Stellantis said in a statement to FOX Business on Wednesday. “As a result, Stellantis announced today that it will transition its General Assembly Plant operating pattern from two shifts to one shift. Other operations at the plant will remain on a two-shift basis to support Jeep Wagoneer production.”
“The Ram 1500 Classic is a great entry-point pickup for Ram, and the Tradesman model has well represented commercial truck customers’ needs for many years. We’re introducing the all-new 2025 Ram 1500 Tradesman with incredible value and content,” the company said.
Another plant in Michigan is scheduled to build the new Ram 1500.
Up to 2,450 workers at the Warren Truck Plant could face indefinite layoffs, though the actual number of workers affected is likely to be fewer than that.
Fast
Cloud platform provider Fastly announced last week that it would cut 11% of its workforce in a job cuts initiative as it seeks to streamline and cut costs. The company said those cuts would be “substantially complete” by the end of the year.
The company reported that it will have 1,200 employees worldwide by the end of 2023.
Axios
Axios notified employees on Tuesday that it would be laying off 50 people company-wide due to a “seismic shift” in the US media industry. (Getty/Getty Images)
Fifty Axios employees were affected when the media company announced layoffs earlier this month. According to a memo from CEO Jim VandeHei, the company decided to make the cuts to “stay ahead of dramatic shifts in media, technology, and reader needs and habits.”
Axios cuts roughly 50 positions amid media industry upheaval
Sonos
Sonos said on Wednesday it was laying off 6% of its workforce, reportedly amounting to about 100 jobs.
The wireless speaker maker committed to cutting jobs and further reducing its real estate footprint to “improve the company’s operating model and cost structure and position it for long-term success,” according to an SEC filing.
Timothy Nerozzi, Brian Flood and Suzanne O’Halloran contributed to this report.
